Prepare a tabular analysis of the required adjustment based upon the cash count sheet. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Assets Liabilities + Stockholders' Equity Cash Revenues Expenses

Prepare a tabular analysis of the required adjustment based upon the cash count sheet. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Assets Liabilities + Stockholders' Equity Cash Revenues Expenses

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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119, Using the following table and the equations underlying each of the four basic balance, (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash a. Assets = Liabilities + Stockholders' Equity $ 18,600 13,950 4,650 10,900 9,400 1,500 (1,400) (1,100) 4.650
Which of the following causes a change in cash? O Accrual of interest payable. O Recording of depreciation expense. O Write-off of an uncollectible account. O Payment of a cash dividend declared in the previous fiscal year.
Which cells have the wrong formula to calculate some items associated with the cash flows from operations? 1 2 3 4 5 6 7 8 9 10 11 12 13 A B Assets Accounts Receivable Liabilities and Owner's Equity Accounts Payable Other Current Liabilities Cash Flows from Operations Change in Accounts Receivable Change in Inventory Change in Accounts Payable Change in Other Current Liabilities a. Cells C9, C10, and C11 b. Cells C8 and C10 O c. Cells C8, C9, and C10 O d. Cells C9 and C11 C 2021 275000 525000 230800 115700 =D2-C2 =C3-D3 =C5-D5 =D6-C6 D 2020 403800 601400 180600 95400 E
Which of the following best describes the information reported in the income statement? Multiple Choice The current resources available to pay current obligations. The portion of profits paid in cash to stockholders. The extent to which cash inflows exceed cash outflows. The amount recognized from providing goods and services to customers compared to the cost of doing so.
Homework Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received $44,000 cash from the issue of common stock. 2. Performed services on account for $72,000. 3. Paid a $4,400 cash dividend to the stockholders. 4. Collected $50,000 of the accounts receivable. 5. Paid $44,000 cash for other operating expenses. 6. Performed services for $16,500 cash. 7. Recognized $1,400 of accrued utilities expense at the end of the year. Required a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determine the amount of net income reported on the Year 1 income statement. d. Based on your response to Requirement c, determine the amount of cash flow…
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Indicate where each item would appear on a statement of cash flows using the indirect method by placing an X in the appropriate column(s). Note: More than one column may be used. a. Issued common stock for cash b. Prepaid expenses increased in the year c. Purchased treasury stock with cash d. Accounts receivable decreased in the year e. Inventory increased in the year f. Retired bonds payable by issuing stock g. Recorded depreciation expense h. Sold land in return for cash i. Income taxes payable increased in the year j. Sold merchandise to customer for cash Statement of Cash Flows Noncash Investing & Not Reported on Statement Operating Activities Investing Activities Financing Activities Financing Activities or in Notes
Changes in accounting estimates are: Multiple Choice a)Statement of cash flow items. b)Accounted for with a cumulative "catch-up" adjustment. c)Reported as prior period adjustments. d)Accounted for in current and future periods. e)Considered accounting errors.
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Identify each of the following transactions as an operating activity (O), an investing activity (I), a financing activity (F), a noncash investing and financing activity (NIF), or a transaction that is not disclosed on the cash flow statement (N). In addition, indicate the effect that each of the following transactions has on the cash balance. Use + for increase, - for decrease, and 0 for no change. Assume the direct method is used to report cash flows from operating activities. ________ a) Purchase a building by issuance of common shares ________ b) Collection of accounts receivable ________ c) Payment of corporate income tax ________ d) Sale of merchandise on account ________ e) Payment of accounts payable ________ f) Receipt of cash dividends
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